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KUALA LUMPUR: Integrated steel manufacturer Malaysia Steel Works (KL) Bhd has appointed Datuk Syed Mohamed Syed Ibrahim, as the independent and non-executive chairman, effective March 1, 2024. Syed Mohamed brings over 40 years of experience leading prominent organisations across various industries, driving sustainable growth globally and in Malaysia. His expertise spans banking, real estate development, technology, and business strategy. He currently serves as the president and chief executive of Johor Corporation and chairman of JLand Group. Masteel, in a statement, said Syed Mohamed’s proven track record of driving profitability, fostering strategic partnerships, and spearheading transformational corporate enterprises positions him as an ideal leader to guide Masteel in its next growth phase. Furthermore, his emphasis on strong business fundamentals and far-sighted leadership are expected to herald a new era of dynamism for Masteel. Syed Mohamed’s commitment to sustainable business growth will be reflected positively in Masteel’s future operations and strategies as the company reinforces its position as the country’s leading ultra-low-carbon steel manufacturer, championing sustainable and environmentally responsible business practices.

KUALA LUMPUR: GrabAds, the advertising arm of Grab, is expecting a surge in customer spending patterns during the upcoming Ramadan. According to its Ramadan-Raya Insights 2023/2024 report, Grab said 84 per cent of respondents surveyed expressed plans to increase their spending during Ramadan, particularly on food and beverage, fashion and apparel, and personal healthcare. Grab Malaysia head of marketing Hassan Alsagoff said as Ramadan approaches, we anticipate a surge in celebration and consumer activity, especially among families in Malaysia. “This presents an opportunity for brands to connect meaningfully online with the right audiences. “By planning early Ramadan campaigns that leverage data insights and tailored strategies, brands can enrich their customers’ celebrations with engaging communication that serves personalised experiences. “This approach not only captures attention but also builds lasting connections with existing and new audiences,” he said in a statement. Findings on the report showed that 76 per cent of Malaysians anticipate amping up their digital activities during the festive season, with 62 per cent planning to rely heavily on Grab services like food deliveries and payments. Further, an 84 per cent of respondents favouring breaking their fast with loved ones and 94 per cent willing to spend more on high-quality products for their families and homes, merchants can consider offering tailor-made for family gatherings with flexible group menus offering add-ons like drinks and desserts. The report also noted that 85 per cent of surveyed users, including car owners, prefer Grab’s convenience during festive periods, leading to a 9 per cent surge in weekly ridership compared to pre-Ramadan. This trend peaks further in the weeks leading up to Hari Raya, with airport trips steadily increasing from week three onwards. Furthermore, families often reunite in their hometowns, so the roads usually get busy. Recognising these behavioural patterns, brands have a golden window to engage early adopters. Grab report noted that by launching strategic in-car or car-wrap campaigns one to three months before Ramadan, they can leverage this captive audience, raise brand awareness, and capture a loyal customer base before the festive fever takes full swing. “We’re committed to helping our merchant partners, especially the micro, small and medium enterprises (MSMEs), plan their Ramadan campaigns effectively. “We encourage them to leverage the insights we share in the report so they can foster brand loyalty, drive sales, and establish a strong presence in the hearts and minds of consumers,” Hassan said. GrabAds empowers brands and marketers, including small and medium-sized merchants, to run impactful campaigns through its super-app ecosystem. The platform offer a self-serve ad service, an ad creation tool that empowers merchant partners to build their own ad image banners and search ads and track ad performance in real-time.

KUALA LUMPUR: Main market listed Yong Tai Bhd’s (YTB) wholly-owned subsidiary, PTS Impression Sdn Bhd (PISB), signed a strategic collaboration agreement with 828 Asia Pte Ltd, a subsidiary of the Singapore-based Ebenex Group. This partnership, formed on February 28, 2024, has been established to spotlight the iconic Encore Melaka Theatre, a cornerstone within YTB’s portfolio that showcases innovation and cultural revelry. Under the terms of the collaboration agreement, PISB will provide 828 Asia with periodic access to the Encore Melaka Theatre and the necessary expertise, technical support, and manpower. YTB’s chief executive officer Datuk Wira Boo Kuang Loon said 828 Asia’s expertise in event organisation combined with YTB’s iconic Encore Melaka Theatre will create a platform for delivering exceptional entertainment experiences to visitors from around the world. “This partnership aligns with our vision to be at the forefront of innovative tourism developments and reinforces our commitment to cultural and economic growth in Melaka,” he said in a statement. PISB, the owner and operator of Encore Melaka Theatre, has established itself as a leading landmark attraction in the city’s waterfront area. Recognised as a jewel in the crown of Melaka, the theatre has captivated international and local tourists with its unique offerings and immersive experiences with its 360-degree rotating platform and approximately 2,000 seats. 828 Asia, a prominent event and concert organiser based in Singapore, brings expertise and experience to the collaboration. With a strong presence in the industry, 828 Asia is well-positioned to market, promote, and organise a series of events within the Hatten City @ Melaka and Encore Melaka Theatre. The collaborative efforts between PISB and 828 Asia aim to capitalise on the immense business potential and development opportunities presented by hosting events in the Encore Melaka Theatre. By leveraging the unique features and capabilities of the theatre, the partnership seeks to create unforgettable experiences for audiences and further enhance Melaka’s reputation as a premier destination for world-class entertainment. The first event from this collaboration is expected to occur in April 2024, beginning a series of exciting cultural and entertainment initiatives. This collaboration is expected to contribute positively to YTB by diversifying its portfolio and enhancing its position in the tourism and cultural sectors. “We are excited about the immense potential of this collaboration,” said David Toh, the director of 828 Asia. “Together with PISB, we look forward to delivering exceptional events that will captivate audiences and contribute to Melaka’s cultural and entertainment landscape,” he said.

KUALA LUMPUR: The Securities Commission has warned investors to be wary of three entities suspected of impersonating legitimate businesses. These entities, named Zoksa, UOB Kay Hian, and Syarikat Magnisave, have been added to the SC’s investor alert list. In a statement, SC said the clone entities are deceptive operations that mimic the appearance and branding of real, licensed companies. They aim to trick investors into believing they are dealing with a legitimate entity, potentially leading to financial loss. The SC has raised specific concerns about each entity. Zoksa is an unauthorised entity operating an illegal investment scheme that involves dealing in securities without a license. Syarikat Magnisave is misusing the name, credentials, and logos of both Magnisave Group Sdn Bhd, a licensed SC entity, and Bank Negara Malaysia. UOB Kay Hian is an entity that misuses the name and credentials of UOB Kay Hian Securities (M) Sdn Bhd, a legitimate SC-licensed entity. The SC strongly advises investors to exercise caution and avoid interacting with entities and individuals on their investor alert list. These entities are not authorised to operate in the Malaysian capital markets, and any investments made through them are not protected under local securities laws. By staying informed and verifying the legitimacy of investment opportunities before committing any funds, investors can protect themselves from scams and safeguard their financial well-being.

KUALA LUMPUR: Property player YNH Property Bhd (YPB) has redesignated Khong Kam Hou as the YNH audit committee chairman. Khong was appointed to the board of directors of YNH as a senior independent non-executive director on March 31, 2023, when he was also made a member of the audit committee, nominating committee, and remuneration committee. As chairman of the audit committee, Khong will lead the three-member team to assist the board in fulfilling its oversight and fiduciary duties, including assessing the YPB’s processes relating to risks, overseeing financial reporting and evaluating the company’s internal and external audit processes. “The most immediate and critical task of the audit committee headed by Khong will be to appoint an independent external auditor,” a YNH spokesperson said in a statement. “Over the past few months, the board has been carefully evaluating several candidates for the role recommended to the independent non-executive directors that make up the audit committee. “YNH is confident that the external auditor will be appointed very soon after the members of the audit committee have undertaken a thorough and objective assessment,” the spokesperson added. Khong, who graduated from the University of Malaya with a Bachelor in Economics in 1974, had served in important units within the Inland Revenue Department, namely tax assessment, corporate tax and tax investigation from 1975 to 1991. He opted out as a senior tax officer in 1992 and started his practice as a licensed tax consultant from 1992 to 2019. In another development, YPB appointed Lee Zhi Yan as the new independent non-executive director and a member of its audit committee, nominating and remuneration committee. The company has also re-designated its independent non-executive director,Ching Lee Fong as chairman of the nominating committee. Lee graduated from Monash University Australia with a Bachelor of Commerce in 2016 and has extensive working experience in Australia and Malaysia. He spent several years in multinational companies like PricewaterhouseCoopers Plt (Malaysia) and Dutch Lady Milk Industries Bhd. Lee holds certifications from The Malaysian Institute of Accountants (MIA), The Malaysian Institute of Certified Public Accountants (MICPA) and Chartered Accountants Australia and New Zealand (CAANZ). Lee also completed the Summer School Programme with the London School of Economics and Political Science in the UK. Meanwhile, Ching, an existing member of the audit committee and remuneration committee, was appointed to the board on March 31, 2023, and has over 23 years of engineering experience in the electrical and electronics industry. He has worked with multiple multinational companies like Intel Microelectronics, Motorola and Altera on front-end design, verification and system validation. Currently, he is working on artificial intelligence and RISCV processors with a Hong Kong-based startup company. “YPB is confident that the breadth and depth of experience and capabilities of the members of its audit, nominating, and remuneration committees will play an important role in enabling the board and the company to inculcate high standards of corporate governance within the organisation,” the spokesperson said.

KUALA LUMPUR: China-based Zhejiang Sinopont Technology Co Ltd is building its first manufacturing facility outside China in Ipoh, Perak. Through its Malaysian subsidiary, Sinopont Everthriving (Malaysia) Sdn Bhd, Zhejiang Sinopont’s manufacturing facility in Tasek Industrial Park will commence operations immediately. The facility will produce solar cell encapsulant film with an initial production capacity of 85 million square metres, sufficient to cater to about 10 gigawatts (GW) of demand. Sinopont plans to gradually increase its investment in Perak, aiming to eventually produce enough encapsulant film to meet the needs of a 30 GW solar energy system. The company said in a statement that this expansion will be executed in several stages, with production capacity steadily rising to 300 million square meters. The partnership between Perak and Sinopont goes beyond this initial investment. Both companies are looking at further collaboration, including potential expansion projects and creating a complete solar industry hub within Perak. In lauding Sinopont’s investment, Perak chief minister Datuk Seri Saarani Mohamad emphasised the state’s endorsement of Perak’s business environment and joint commitment to driving economic growth while preserving the environment for future generations. Several factors have made Perak increasingly attractive to local and foreign investors. Improved infrastructure, a skilled workforce, and government support contributed to this rise in appeals. These developments are well-aligned with the ‘Pelan Perak Sejahtera 2030’ plan, which prioritises initiatives that draw in investment. Perak recognises its significant role in attracting investment, and the state agency InvestPerak is offering a ‘fast-track letter’ to expedite approvals for key projects, ensuring a smooth implementation process. This move aligns with their goal, spearheaded by InvestPerak chief executive officer Mohamad Hashim Abdul Ghani, to collaborate with government agencies and solidify Perak as the top investment choice in the country. Beyond immediate benefits like job creation, which is estimated at 300 positions, Sinopont’s investment is expected to have a lasting impact. It will strengthen Malaysia’s solar panel manufacturing sector, particularly in the north, paving the way for further economic growth and development.

KUALA LUMPUR: The parent company of Malaysian budget airline AirAsia, Capital A Berhad, is looking to raise US$400 million in equity as part of a planned merger to bring its long and short-haul operations under one brand, its CEO said on Monday. Group chief executive Tony Fernandes, in an interview, said that would be on top of a US$200 million bond-raising the company is hoping to conduct in the next few weeks as it awaits regulator and shareholder approval to complete the sale of its aviation business to long-haul unit AirAsia X Bhd. He said the proposed deal announced last month would see the formation of a single airline AirAsia Group. “(We hope) the acquisition by AirAsia X of Capital A aviation assets will be done by June and July,” Fernandes told Reuters. Fernandes did not provide details on what the financing would be used for. Both Capital A and AirAsia X have undergone restructuring after being classified by Malaysia’s stock exchange as financially distressed, due to strict pandemic travel restrictions. AirAsia X was removed from the classification in November, after undertaking measures to improve its financial position, while Capital A has said it hopes to present a plan to the bourse by June. Fernandes said the aviation industry was currently experiencing its “best period”, with greater room to expand routes amid an industry-wide supply crunch and fewer competitors. “We feel really confident about the future,” he said. Fernandes said he hoped to eventually list all of the group’s remaining non-aviation businesses, which include mobile payments firm BigPay, logistics arm Teleport, and online travel agency AirAsia MOVE. Last year, the company also said it plans to list its brand management unit in the United States via a merger with special purpose acquisition company, Aetherium Acquisition Corp. — REUTERS

KUALA LUMPUR: The Malaysian Tourism Promotion Board (Tourism Malaysia) has named Manoharan Periasamy board’s new director-general, replacing Datuk Ammar Abd Ghapar, who was demoted last week. According to a post shared on Tourism Malaysia’s Facebook page, Manoharan has been a long-serving senior executive in Tourism Malaysia and had previously served as the agency’s director for India and, before the top post, as senior director for international promotion (Asia and Africa). Tourism Malaysia board congratulated Manoharan after he was appointed director-general, effective February 26, 2024. Last week, Ammar told the media that he had received a letter from Tourism, Arts, and Culture Minister Datuk Seri Tiong King Sing regarding his demotion. The letter, signed by Tiong and dated February 22, stated that the termination was to take effect on February 26. In a media report, Ammar expressed his dissatisfaction at having to vacate his position in such circumstances after serving the ministry for 36 years. On Saturday, Tiong confirmed Ammar will be demoted to deputy director-general after failing to improve his performance.

KUALA LUMPUR: Global logistics service operator J&T Express has achieved significant enhancements in parcel volume and delivery efficiency across several key markets in China and Southeast Asia during the recent Lunar New Year, attributing to the company’s continuous operational capacity improvements and early preparations for the holiday season. Data from J&T Express reveals that over the Lunar New Year period, its average daily parcel delivery time in China improved by approximately 5 per cent compared to the previous year, while the average daily delivery rate increased by approximately 17 per cent year-on-year (YoY). In Singapore, there has been an 81 per cent YoY increase in parcel volume, alongside a 9 per cent improvement in average delivery time efficiency. Similarly, Malaysia’s parcel volume surged by approximately 54 per cent YoY. In addition to China, the Lunar New Year is a public holiday in numerous Southeast Asian countries. With the global popularity of e-commerce, ensuring reliable logistics services during the holiday season has become increasingly critical for businesses and consumers alike. As the largest courier service provider in Southeast Asia, J&T Express plays a vital role in meeting this demand. With the company’s extensive and comprehensive logistics network across multiple countries, coupled with its year-round collaboration with e-commerce platforms and expertise in operating during the Lunar New Year in the Chinese market, J&T Express has significantly bolstered its hardware and personnel and updated the delivery fleet in key markets to meet the challenges of delivering shipments during the holiday season. For instance, J&T Express Vietnam added over 3,000 delivery personnel before the Lunar New Year, and upgraded more than 100 service points, expanding the operational area by over 7,000 square meters. Additionally, at the end of December 2023, J&T Express Vietnam officially received 140 new trucks from Truong Hai Auto Corporation, a Vietnamese automobile manufacturer. According to a forecast by Ho Chi Minh City’s Department of Industry and Trade, seasonal purchases are expected to grow by more than 11 per cent in 2024, and the growth trend of social commerce will continue as well. Against a thriving online shopping landscape, the demand for delivery services presents opportunities and challenges. Recognising the potential, J&T Express Vietnam has strategically improved and enhanced its service quality to meet the evolving demands. The recent upgrade of the company’s truck fleet reflects its clear goal of improving the quality of its transportation services. It helps the company meet the growing demand for deliveries during the holiday season, creating significant customer benefits with guaranteed service quality and capacity. With unwavering confidence in the market’s prosperity and a customer-centric approach, J&T Express is poised to seize growth opportunities in Vietnam and is actively accelerating its market capture. It will continue to expand its logistics network and transit centres to ensure optimal operational processes and improve user experience and service quality. J&T Express is a global logistics service provider the company adopts an innovative business model that combines unified standards with a high degree of regional autonomy. This model balances service quality and flexible decision-making, reduces costs, and enables localized and efficient development in each market. With its self-developed JMS system, J&T Express can integrate and manage the full lifecycle of shipments, from order placement and collection to settlement, ensuring efficient operations in each market. J&T Express has expanded its express delivery business to five countries in Latin America, the Middle East, and North Africa, building upon its successful operations in China and Southeast Asia. Currently, the company provides express delivery services in 13 countries worldwide. Looking ahead, J&T Express is committed to enhancing its global logistics network while improving service quality and operational efficiency. The company is eager to establish collaborative partnerships with new industry leaders to deliver high-quality logistics solutions for customers worldwide.

KUALA LUMPUR: Yew Lee Pacific Group Bhd (YLP) net loss widened to RM1.38 million in the fourth quarter (Q4) ended December 31, 2023 (FY23), reflecting the impact of current market conditions and the strategic investments made by the company, including the costs associated with setting up a new subsidiary in Thailand. Revenue for the quarter stood at RM4.93 million, slightly lower from RM5.32 million posted in the same quarter in FY22, attributed to variations in sales orders across markets. In Q4, YLP’s manufacturing segment continued to perform strongly, contributing RM3.6 million to the quarter’s revenue, up from RM3.3 million in Q4 FY22. This positive momentum shows the manufacturing arm’s resilience and consistent performance amidst the broader challenges within the glove industry. The trading segment faced fluctuations, largely due to competition within the markets that they operate in and price wars. In response, the company is taking decisive steps to streamline this segment, focusing on consolidation within the trading segment to enhance its cost efficiency. These adjustments are part of a broader strategy to ensure the trading segment is alignment with the company’s efficiency and profitability goals. YLP managing director Ang Lee Leong said as the company navigates through the current phase, it is important to recognise the impact of broader industry trends on its performance, particularly in the rubber glove sector, which remains a significant contributor to YLP’s revenue. “The industry has faced challenges due to oversupply and market imbalances following rapid expansions and stockpiling during the pandemic. “Despite these hurdles, we are optimistic about the sector’s recovery, driven by heightened global hygiene awareness and increasing glove usage,” he said in a statement. Ang said to complement YLP’s core business and mitigate industry-specific risks, the company is actively diversifying its portfolio. “We are expanding our industrial brush range, introducing customisable options to meet diverse market needs and solidifying our presence in local and international markets. “Additionally, we’re broadening our scope in the industrial hardware and machinery parts segment, exploring new opportunities in semiconductors, timber, glass, and agriculture sectors. “These strategic initiatives are designed to strengthen our market position and reduce our dependency on the rubber glove industry, ensuring a more balanced and resilient business model for YLP,” Ang said. As of February 23, 2024, the share price of YLP stands at RM0.39, representing a market capitalisation of RM208 million.